SEC Chairperson: Consider limiting the scope of data the hedge fund industry can provide to regulators

Paul Atkins, chairperson of the Securities Exchange Commission, said he hoped SEC staff would consider narrowing the scope of data Private Offering Fund advisers must provide to regulators in the forthcoming regulatory policy. The deadline to comply with new data reporting requirements will be pushed from June 12 to October 1. But more limited data collection could be a bigger win for hedge funds and private equity firms.
Atkins, concerned about whether the Trump administration's use of data is "commensurate with the enormous burden it imposes," has asked staff to conduct a "comprehensive review" of data collection requirements that were added during the tenure of former SEC Chairperson Gary Gensler.
Advisers to Private Offering Funds pointed to challenges, including technical ones, in meeting this week's deadline. SEC staff told the committee meeting on June 11 that many funds would have had more than two months to actually start filing new data.